Tribune Issues Q3 Financials
October 24, 2007 at 7:20 AM (PT)
TRIBUNE CO. third-quarter operating revenues decreased 4% to $1.28 billion, but diluted earnings per share from continuing operations rose from 65 to 69 cents due to a net non-operating gain of 33 cents from a tax appeal offsetting a severance charge of 2 cents, compared to a restructuring gain of 22 cents in 2006. The broadcasting and entertainment division's operating revenues increased 3% to $406 million; radio/entertainment, which includes the company's sole radio property Talk WGN-A/CHICAGO, showed a decrease in cash flow by $3 million, blamed on the CHICAGO CUBS payroll and three fewer home games than third quarter 2006.
"Our third quarter results reflect a combination of better revenue trends, strong expense controls and an increase in equity income," said Chairman/Pres./CEO DENNIS FITZSIMONS. "Publishing revenue trends improved slightly in the third quarter despite the impact of the housing slump on our FLORIDA and CALIFORNIA newspapers. We are also encouraged by positive national advertising trends, led by improved TRIBUNE MEDIA NET sales.
"In television, ad revenue improved as the quarter progressed. New York finished the quarter strong on higher ratings from new syndicated programming and the CW network's fall launch. CHICAGO also had a good September, thanks in part to CHICAGO CUBS telecasts.
"The closing of our going-private transaction is still expected in the fourth quarter, following FCC approval of our waiver requests and receipt of a solvency opinion," added FITZSIMONS.